Israeli drug co. Teva to cut 10% of staff due to problems 
Israeli pharmaceutical giant Teva said Thursday it would slash its
global workforce by 10 percent by the end of 2014 as part of a mammoth
cost-cutting plan.
A statement on the website of Teva Pharmaceutical Industries Ltd said
the drug maker would trim about 5,000 of its 46,000 jobs worldwide. It
did not give a breakdown by country.
The company said it aimed to achieve "$2.0 billion in annual cost
savings by the end of 2017 including $1.0 billion by the end of 2014."
Israel's Histadrut trade unions federation, of which most local Teva
employees are members, said its representatives had spoken by phone to
company executives on Thursday afternoon. "It was agreed
that efficiency steps would be undertaken in coordination with the
workers' committees and with the Histadrut," it said in a statement.
